Solid State Battery Market: Current Analysis and Forecast (2022-2028)
Emphasis on Type (Thin Film Battery and Portable Battery); Capacity (Below 20mAh, 20mAh-500mAh, and Above 500mAh); Application (Consumer & Portable Electronics, Electric Vehicles, Energy Harvesting, Wearable & Medical Devices, and Others); Region/Country
The global Solid State Battery Market is expected to grow at a significant rate of around 35% during the forecast period. Solid-state batteries (SSBs) are distinguishable from other batteries by their lack of a liquid electrolyte, their potential to store significantly more energy for any specific volume, and their improvements in safety given that the solid-state electrolyte used is non-flammable. Further, solid state battery substantially surpasses the performance, safety, and processing limitations of lithium-ion batteries. In contrast to research into lithium-ion batteries, which will provide incremental gains in performance toward theoretical limits, research into solid-state batteries is long-term and high-risk but also has the potential to be high-reward.
Moreover, soaring preference of solid state battery in electric vehicles, portable electronic devices coupled with its increasing application scope of solid state batteries in healthcare, electric vehicle and drone sectors are driving its market size. Besides, flexible and lightweight batteries in wearable devices along with the extended shelf life of solid state batteries as compared to conventional batteries will further aggravate the market value.
BrightVolt Inc., Cymbet Corporation, Solid Power Inc., Toyota Motor Corporation, Johnson Energy Storage, Inc., Robert Bosch GmbH, Altair Nanotechnologies, Quantumscape Corporation, Apple Inc., Dyson Ltd.
Insights Presented in the Report
“Amongst type, thin film battery category to witness robust CAGR during the forecast period”
Based on the type, the solid state battery market is segmented into thin film battery and portable battery. The thin-film battery caters the highest share of the global solid-state battery market in 2020. It is mainly due to rising applications in IoT and wearable devices, such as fitness bands, smart clothing, and smartwatches. As solid state batteries have efficient recharging rates and compact designs unlike conventional batteries, thin-film batteries have a minimum environmental impact, which is expected to augment the industry growth over the forecast period.
“Amongst capacity, 20mAH category to witness robust CAGR during the forecast period”
Based on capacity, the solid state battery market is categorized into below 20mAh, 20mAh-500mAh, and above 500mAh. The 20mAh capacity segment caters to a significant market share in 2020. It is mainly owing to the mainly thin-film batteries that cater to a wide application range including cosmetic and medical patches, wireless sensors, packaging, and others. In addition, limited internal space, compact size, and usage across low-drain devices that do not require large battery capacity are among the key factors bolstering the demand for batteries below 20 mAh of capacity.
“Europe to hold a significant share in the market”
Europe is anticipated to hold a significant share of the market in 2020. This is mainly attributed to the strict implementation of favorable regulatory policies regarding the deployment of battery energy storage systems and electric vehicles across the region. In addition, the European Commission funding aimed at battery-specific R&D projects is expected to further boost regional market growth. Furthermore, growing EU funding and supportive measures taken by European governments such as subsidies, tax breaks, and incentives for the production of electric vehicles will positively influence the market size of solid state battery.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Solid State Battery market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Solid State Battery Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global solid state battery market were the three major steps undertaken to create and analyze the adoption of solid state battery in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global solid state battery market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the solid state battery market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the solid state battery market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, capacity, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the solid state battery market. Further, we conducted factor analysis using dependent and independent variables such as increasing investment in the R&D of solid state battery for electric vehicles. a thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the solid state battery market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Solid State Battery market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the solid state battery market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global solid state battery market in terms of the product offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Solid State Battery market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, capacity, and application in the global Solid State Battery market.
The main objective of the Global Solid State Battery Market Study
The current & future market trends of the global solid state battery market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the solid state battery market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type, capacity, and application.
- Define and analysis of the regulatory framework for the solid state battery
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the solid state battery market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the solid state battery market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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February 11, 2025
